TD, First Horizon End $13 Billion Merger as Regulators Stall (1)

Toronto-Dominion Bank and First Horizon Corp. scrapped their $13.4 billion deal after the Canadian lender said it couldn’t see a clear path to getting regulatory approval.

First Horizon Chief Executive Officer Bryan Jordan said the two banks made the decision very recently and signed the termination late Wednesday. Toronto-Dominion will make a $200 million cash payment on top of a $25 million reimbursement that was part of the merger agreement.

The move ends weeks of speculation about the fate of a deal that was announced in February 2022, right before the world’s major central banks began a historic campaign of ...